Sui Price: Network Tests Critical Support as Bitwise Files for Spot ETF

TLDR

• Bitwise filed with the SEC to launch a spot Sui ETF, joining Canary Capital and 21Shares in the race to bring a SUI fund to market
• SUI is trading at $1.42 and testing a long-term support zone that has historically preceded price rebounds since the token’s 2023 launch
• The Sui network continues to add approximately 500,000 new wallet accounts daily while total value locked trends toward yearly highs
• Bitwise recently added SUI to its 10 Crypto Index ETF and expects over 100 crypto ETF products to launch in 2026
• SUI’s market cap stands at roughly $5.2 billion with 24-hour trading volume around $840 million, making it one of the more liquid Layer-1 networks

Sui is trading at $1.42 after declining 5-6% over the past 24 hours. The Layer-1 blockchain token now sits at a price level that has historically marked important turning points since its mid-2023 launch.

Bitwise submitted a Form S-1 filing to the SEC on Thursday to offer the Bitwise Sui ETF. The filing represents the initial registration step for what would become the first spot SUI exchange-traded fund in the United States. Coinbase Custody will serve as the custodian for the product if approved.

The asset manager joins Canary Capital and 21Shares in pursuing a spot SUI ETF. Canary Capital filed in March while 21Shares submitted its application in April. The SEC’s review deadline for the 21Shares filing arrives next month.

Earlier this month, the SEC approved a 2x leveraged SUI ETF from 21Shares. The regulator also passed generic listing standards that streamline the path for crypto ETFs to reach the market.

Bitwise added SUI to its 10 Crypto Index ETF on the New York Stock Exchange earlier in December. The firm highlighted that the Sui blockchain is designed to make digital asset ownership fast, private, secure and accessible.

Price Action Tests Multi-Month Trendline

The current price aligns with a rising trendline visible on weekly charts dating back to SUI’s early trading days. This trendline has been tested multiple times since launch. Each prior test was followed by multi-week rebounds with increased trading volume.

The support zone also overlaps with the 0.786 Fibonacci retracement level measured from SUI’s all-time high near $5.35. Institutional and systematic traders commonly monitor these levels as potential demand zones.

SUI is trading within a long-term ascending channel that defines its broader market structure. Inside that framework, a shorter-term descending channel developed during the recent correction phase. This pattern typically reflects consolidation rather than trend breakdown.

Immediate support sits around $1.40 with a more critical structural level near $1.30. A sustained break below $1.30 would weaken the current technical setup. On the upside, price needs to reclaim $1.56-$1.71 to confirm a recovery attempt. Extended upside targets range from $2.20 to $2.80 if momentum builds.

Network Activity Remains Strong

The Sui network continues to show growth in user activity. Network dashboards tracking wallet creation show an average of roughly 500,000 new accounts per day. Total value locked has trended toward yearly highs based on decentralized finance activity.

SUI’s market capitalization stands at approximately $5.2 billion with 24-hour trading volume around $840 million. The circulating supply is roughly 3.74 billion SUI from a maximum supply of 10 billion tokens. These metrics place SUI among the more liquid Layer-1 networks.

Exchange-traded products linked to SUI have been listed in select international markets including Brazil. These instruments reflect growing institutional accessibility to the asset outside the United States.

The Relative Strength Index sits near 40, indicating neutral momentum. The MACD histogram shows slightly positive readings, suggesting early bullish divergence on lower timeframes. Price is trading near the lower end of its recent Bollinger Band range.

Bitwise researcher Ryan Rasmussen told the Bankless podcast on Tuesday that he expects to see more than 100 crypto ETF products launch in 2026. The firm also launched a spot XRP ETF this year alongside its existing Bitcoin and Ether ETFs.

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